Famous Cryptocurrency Exchanges Binance And Huobi Are Investing In Start-Ups.
As per the information last month, Huobi which is at present moment the third greatest cryptocurrency exchange in its trade volume, declared that it is starting one billion USD blockchain hatchery. The program, named “Huobi Labs,” would be a joint attempt between the popular Asian exchange and the Tianya Community Network, a famous Chinese social networking and forum service web site.
Although we have not yet realize whether or not this promising asset will ever exist, Huobi has entered into another blockchain fund platform along with China’s New Margin Capital and Kiwoom Securities Co Ltd. of South Korea. The joint fund has purposes to invest a total of 100 billion Korean won ($93 million) in various blockchain initiatives in both countries.
As per the report, another company – Mirae Asset Financial Group — will also participate in the fund as an investor. The company is an independent and separate financial group headquartered in Seoul.
The news regarding the Huobi’s participation in the joint investment fund appeared just a day after Binance which is the another currently the largest cryptocurrency exchange by trade volume, mentioned that it is intended to invest $1 billion in cryptocurrency and blockchain startups. Such an initiative was called “Social Impact Fund.”
Head of Binance Labs Ella Zhang said that the famous cryptocurrency exchange is projecting to cooperate with 20 different blockchain funds, and each of them has to operate assets worth $100 million to be acceptable for financial support.